There are no major changes to be mentioned when it comes to the price of the Bitcoin. The situation hasn’t changed too much from two days ago, when the trading price of the cryptocurrency was $322.31. Currently, we can even notice that the trading price is slightly higher, even though only several hours ago it was below the $320 mark.
Something interesting that happened these days, however, is the backlash on social media Bitcoin companies faced after an article in the Business Insider accused them of abandoning the cryptocurrency because of its stagnation. Some of the mentioned companies were Bitreserve (now Uphold), Circle and BitPay and it was amusing how people saw their actions as unacceptable and two-faced.
Information that also might be important to Bitcoin users is the prediction by Bitcoin Wisdom that in two weeks the Bitcoin mining difficulty might be increased by 10.25%. Last time this happened was 5th of November, 2014.
No Dramatic Price Fluctuations
Such a peaceful period for the Bitcoin can be a real surprise to traders used to dramatic price fluctuations. However, today we can see the digital currency’s value per coin still stuck between $310 and $330. More precisely, $330 is more of a milestone for the Bitcoin, since it hasn’t been reached in days.
The current trading price is set at $324.31 and with that the year to date change has finally improved a bit and reached 3.35%. The day’s range doesn’t show impressive numbers with the day’s low of $315.99 and the day’s high of $325.8.
The market cap is still around $4.5 B, while the volatility’s value is 16.25%. It’s interesting to see the volume jumping from around 22,000 to over 30,000 in the past several hours after the Bitcoin price jumper from under $320 to almost $325.
Shift in Technical Indicators’ Signal
Well, one thing that certainly changed a lot in only two days is the signal technical indicators and moving averages give to traders. If you remember, this Monday most of these indicators pointed sell as the smartest move; nevertheless, today we have a strong signal to buy.
So, on one side we have the indicators such as 14-day RSI (67.890), the MACD (0.340) and the Williams %R (-22.222) that indicate buying is the best options at the time. These are supported by five other indicators, while three are neutral. There is not a single technical indicator that suggests traders to sell.
On the other side are the moving averages and there we can see that only the 200-day SMA and EMA are pro-sell with their respective values of $322.94 and $322.83. All other moving averages signal strong buy. For example, the 100-day SMA and 50-day SMA are set at $320.34 and $318.86.
Thus, we can conclude that today is yet another day when deciding what to do next is pretty complicated. If you tend to make your decisions by consulting the technical indicators and moving averages, then you should definitely buy and wait for a price jump.
However, the current stagnation doesn’t show intentions to leave and therefore it’s very likely that in the next several days the Bitcoin price to remain somewhere between $310 and $330. Therefore, we advise you to set your support level at $310 and set $330 as your intraday resistance level.